Short Traders Profit Amid Tuesday’s Selloff

Tuesday saw a selloff across the markets while the U.S. dollar rallied. Short traders were able to profit, particularly in the GBP/USD where our short position (SELL at 1.3815) has reached its profit target.

Elsewhere, cryptocurrencies saw a flash crash with Ethereum and Bitcoin correcting recent gains and testing crucial support levels.

The EUR/USD remained confined to a small trading range ahead of the ECB decision tomorrow. We expect that the euro’s lethargic state will continue, at least until the ECB press conference tomorrow.  We look at a price range between 1.19 and 1.1750 for now.

GBP/USD: A lower support is seen at 1.3730 and once that lower barrier is significantly breached, our focus shifts to 1.3650. Resistances are seen at 1.3880 and 1.3980.

DAX: We keep tabs on price breakouts either above 16000 or below 15700.

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